SOURCE: Independence Energy Corp.

June 12, 2012 06:00 ET

Independence Energy Corp. Signs Joint Development Agreement for 2,400 Acre Exploration Project in Coleman County, Texas

SEAL BEACH, CA--(Marketwire - Jun 12, 2012) - Independence Energy Corp. (OTCBB: IDNG) (the "Company" or "Independence Energy") is pleased to announce that the Company has executed a definitive agreement for the acquisition of up to a 25.0% working interest in the highly prospective Coleman South Lease exploration joint development project located in Coleman County, Texas (the "Agreement"). The Coleman South Lease project covers an area of 2,400 acres situated approximately 3/4 mile from the location of the Shields-MEI #105H horizontal well currently being drilled and in which the Company also holds an interest.

"Based on the initial positive indications of oil from the Shields-MEI #105H horizontal well currently being drilled, we believe this relatively large and timely land acquisition in the immediate area is a very positive step towards building a long-term pipeline of new exploration and development prospects for the Company," stated Mr. Gregory C. Rotelli, CEO and President of Independence Energy. "Historically, these leases have been reported to have produced significant quantities of oil and gas from the Gardner Sand and Jennings Sand formations using the technology available at the time, but, like the Shields-MEI #105H lease, remain under-exploited or untouched in several formations using modern drilling and completion techniques. We estimate that it could possibly require 15 or more horizontal wells to develop the field to its full potential."

Under terms of the Agreement, the Company has immediately acquired a 12.5% working interest in the Coleman South Lease exploration project and holds an option to increase its working interest to 25.0% within the next 60 days.

Further updates regarding the Coleman South Lease Joint Development project and other Independence Energy business will be made as additional information becomes available.

About Independence Energy Corp.

Independence Energy Corp. is an oil and gas exploration and development company focused on projects in the United States. Independence Energy is seeking to further advance its existing projects through development or offset drilling and to expand its portfolio to include additional property interests in the United States.

Some information in this document constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the results of exploration and operations on the Coleman South Lease as well as the increase in interest to 25%. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Independence Energy Corp. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Independence Energy Corp. disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.

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